Some Considerations of the Lowering of Interest [53]
much every thing is worth, as it will yield. And I do not see how this can turn to account to the king, or be born by any body else. 2. I ask, How a Penny over-value can be set upon it by the Ounce; so that it cannot be sold? This is so Mysterious that I think it near impossible. For an equal quantity of Standard Silver will always be just worth an equal quantity of Standard Silver. And it is utterly impossible to make 64 parts of Standard Silver equal to, or worth 65 parts of the same Standard Silver; which is meant by setting a Penny over-value upon it by the Ounce, if that has any meaning at all. Indeed, by the Workmanship of it, 64 Ounces of Standard Silver may be made not only worth 65 Ounces, but 70 or 80. But the Coinage, which is all the Workmanship here, being paid for by a Tax, I do not see how that can be reckon'd at all: Or if it be, it must raise every 5 s. and 4 d. Coin'd, to above 5 s. 5 d. If I carry 64 Ounces of Standard Silver in Bullion to the Mint, to be Coin'd; shall I not have just 64 Ounces back again for it in Coin? And if so, Can these 64 Ounces of Coin'd Standard Silver, be possibly made worth 65 Ounces of the same Standard Silver uncoin'd; when they cost me no more, and I can, for barely going to the Mint, have 64 Ounces of Standard Silver in Bullion turned into Coin? Cheapness of Coinage in England, where it costs nothing, will, indeed, make Money be sooner brought to the Mint, than any where else: because there I have the convenience of having it made into Money for nothing. But this will no more keep it in England, than if it were perfect Bullion. Nor will it hinder it from being melted down; because it cost no more in Coin than in Bullion: And this equally, whether your Pieces, of the same Denomination, be lighter, heavier, or just as they were before. This being explain'd, 'will be easie to see, whether the other things, said in the same Paragraph, be true or false; and particularly, whether 'twill be the Interest of every Exporter, to buy Plate to send out before Money. Remark. 'Tis only barely asserted, That if Silver be raised at the Mint, That 'twill rise elsewhere above it; but can never be known till it be tried. Answ. The Author tells us in the last Paragraph, That Silver that is worth but 5 s. 2 d. per Ounce at the Mint, is worth 5 s. 4 d. elsewhere. This, how true, or what inconvenience it hath, I will not here examine. But be the Inconvenience of it what it will, this raising the Money he proposes as a Remedy: And to those who say, upon raising our Money Silver will rise too, he makes this Answer, That it can never be known, whether it will Or no, till it be tried. To which I reply, That it may be known as certainly, without Trial, as it can, That two Pieces of Silver, that weighed equally yesterday, will weigh equally again to morrow in the same Scales. There is Silver (says our Author) whereof an Ounce (i.e. 480 Grains) will change for 5 s. 4 d. (i.e. 496 Grains) of our Standard Silver Coin'd. To morrow you Coin your Money lighter; so that then 5 s. 4 d. will have but 472 Grains of Coin'd Standard Silver in it. Can it not then be known, without Trial, whether that Ounce of Silver, which to day will change for 496 Grains of Standard Silver Coin'd, will change to morrow but for 472 Grains of the same Standard Silver Coin'd? Or can any one imagine that 480 Grains of the same Silver which to day are worth 496 Grains of our Coin'd Silver, will to morrow be worth but 472 Grains of the same Silver, a little differently Coin'd? He that can have a Doubt about this till it be tried, may as well demand a Trial to be made, to prove, That the same thing is equiponderant, or equivalent to it self. For I think it is as clear, That 472 Grains of Silver are equiponderant to 496 Grains of Silver, as that an Ounce of Silver, that is to day worth 496 Grains of Standard Silver, should to morrow be worth but 472 Grains of the same Standard Silver, all Circumstances remaining the same, but the different Weight of the Pieces stamp'd: which is that our Author asserts, when he savs, That